Many people who choose to or have to rent instead of buy assume their landlord’s insurance will cover them and their possessions as well. Most of the time, that isn’t true. This is one reason people should be aware of the benefits of renters’ insurance.
It’s important for you to be familiar with the terms of your lease agreement with your landlord. There may be clauses in the agreement that negate your landlord’s responsibility for taking care of certain things that may happen around your apartment. There also may be a clause that requires you to have renters’ insurance, especially if you live in an apartment that costs a lot.
And, a lot of people think that renters’ insurance is too expensive. Please consider not having it may prove to be much more expensive in the long term.
One of the benefits of renters’ insurance is in case of injury to a guest. You might assume your guests are safe in your apartment, but if they slip on a loose step, you might be liable. If you’re found negligent, you could be paying high medical bills for those injured. If you have a dog or cat and it bites your guest, you would then be liable for medical bills.
Just because guests in your apartment would be covered by renters’ insurance, don’t assume you and others who live in the apartment are also covered. This can vary from policy to policy.
Another of the benefits of renters’ insurance is coverage in case of theft. Your landlord may be required to have at least minimal security in place where you live. If so, he or she may be liable if the minimum standards aren’t met. However, that liability likely won’t cover your total loss. Renters’ insurance that covers theft will make the sting of losing your property a little less in any case.
Another of the benefits of renters’ insurance can be coverage for natural disasters. Your landlord may repair the building that could be damaged in a natural disaster, but he or she won’t be responsible for your belongings. Some coverage for natural disasters will be considered riders, which will probably cost more to you.
Coverage in case of fire due to short circuits is another of the benefits of renters’ insurance. Your landlord may or may not be liable for this kind of damage, depending on what’s written into your lease agreement. Keep in mind you could be liable for damage to other apartments in some cases if there is a short circuit fire or another kind of fire that originates in your apartment.
Yet another of the benefits of renters’ insurance is the fact that you can choose the type and level of insurance you buy. You may buy insurance specifically on certain items in your home such as collections or computer equipment.
This information about the benefits of renters’ insurance has been brought to you by Corriveau Insurance Agency. We’re an independent insurance agency in Nashua, NH. We’re a family owned business since 1912. Call us for a review of your insurance needs. Call 603-883-5528 today!
